Analysts in India have been slashing their earnings forecast over the last four quarters as economic growth slowed, and the ongoing results season has been mixed at best
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Axis Mutual Fund and various officials of the fund house mentioned in the case have also settled with Sebi in the past. The settlement follows a detailed forensic audit conducted by Sebi covering governance-related aspects of Axis MF for the period April 1, 2020, to September 30, 2022.
The Axis AMC managing director and CEO says the firm's goal is to bridge the gap between traditional fund management and the transparency offered by modern fintech platforms, empowering customers with comprehensive but easy-to-understand portfolio analysis
At the HDFC Mutual Fund presents Moneycontrol Mutual Fund Summit 2025, powered by Axis Mutual Fund, industry leaders came together to chart the next phase of this growth story
The settlement order was issued on November 26
The proceeds from the front-running scam were reportedly used to buy properties abroad, with documents seized showing the purchase of two properties in the UK.
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In the post-COVID era, credit has probably emerged as the best-performing segment of debt mutual funds, while most investors have stayed out of it, Sivakumar said
A study of the two cases reveals a common sequence of events, circumstances and participants that helped the front-running misadventures.
The fund offer -- Nifty G-Sec September 2032 index fund -- is an open-ended target maturity debt index fund investing in the constituents of the Nifty G-Sec September 2032 index.
There were no bank transactions between Viresh Joshi and other entities in India. Proceeds from the front-running trades were transferred to Viresh Joshi's Dubai-based firm's bank account
The market regulator said it identified Rs 30.5 crore as wrongful gains accrued due to the alleged front-running activities and directed that this amount be impounded from the entities.
Axis MF's advisory comes after SEBI had in December asked AMCs to be vigilant and monitor social media platforms to identify Telegram groups that pass themselves off as registered mutual funds or misuse the names of mutual funds.
Axis Mutual Fund front-running case has been under the regulatory scanner since early May 2022. On May 28, 2022, Sebi conducted searches at multiple premises associated with 16 'suspected entities.’
The new fund opens for subscription on Wednesday and closes on February 21. The fund matures on September 30 2027, Axis AMC said in a statement.
Viresh Joshi has filed a lawsuit accusing the asset management company of unfairly terminating his employment in connection with a suspected front-running case.
The partnership will invest in early-stage or greenfield commercial real estate projects across the Mumbai region, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Pune, Ahmedabad and Kolkata, Axis AMC said in a statement on July 26.
Axis MF has maintained that it started a suo moto investigation in February 2022.
In its reply to Moneycontrol, Axis AMC has rubbished Joshi's allegations and stands by its decision to sack him. Any compensation or damages payable to him is out of question, says the fund house. The investigations are still underway into the alleged case of front-running.
Since a few months, the market regulator had been receiving alerts and internal market information along with inputs from NSE, based on which it decided to act
Joshi, who was head equity dealer and a fund manager for six mutual fund schemes, was terminated by Axis Mutual Fund on May 18.
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Deepak Agarwal was an equity research analyst and assistant fund manager of Axis Consumption ETF, Axis Quant Fund and Axis Value Fund
Viresh Joshi spent over a decade at the fund house and apart from chief dealer, was in the role of fund manager